Market Snapshot
U.S. stock index futures all rose in pre-market trading on Monday. As of the time of writing,$Dow Jones Industrial Average Futures Continuous Contract (2609) (YMmain.US)$Increased by 0.38%,$Nasdaq 100 Futures Continuous Contract (2609) (NQmain.US)$up 1.05%,$S&P 500 Futures Continuous Contract (2609) (ESmain.US)$Up 0.51%.$WTI Crude Oil Futures Continuous Contract (2608) (CLmain.US)$down 1.65%,$Gold/USD (XAUUSD.CFD)$up 0.35%.
$Star Tech Stocks (LIST2518.US)$Most stocks rose in pre-market trading, with Micron Technology up more than 5%, Advanced Micro Devices up nearly 4%, Intel up over 3%, SpaceX and ASML Holding up nearly 2%, NVIDIA and Tesla up over 1%, while Apple and Microsoft declined nearly 1%.
$Popular Chinese ADRs (LIST2517.US)$Pre-market trading saw broad gains, with Trip.com up nearly 5%, JD.com, Baidu, and Alibaba up over 3%, Taiwan Semiconductor up over 2%, Nio up over 1%, and PDD Holdings up nearly 2%.
$Semiconductor Equipment and Materials (LIST2016.US)$Stocks rose collectively in pre-market trading, with Amkor Technology up nearly 4%, Teradyne up over 3%, Applied Materials, Lam Research, and KLA Corp up nearly 3%, AXT Inc up over 2%, and ASML Holding up over 1%.
$Storage Concept (LIST23925.US)$Pre-market trading was broadly higher, with SK Hynix up over 5%, Micron Technology up nearly 5%, SanDisk up over 4%, Western Digital and Seagate Technology up nearly 4%.
$Optical Communications (LIST23979.US)$All stocks moved higher in pre-market trading, with Credo up over 4%, Lumentum up nearly 4%, Coherent, Corning, and Marvell up nearly 3%, Tower Semiconductor and Nokia up nearly 2%.
$Quantum Computing(LIST23644.US)$Stocks rose broadly in pre-market trading, with IONQ and INFQ up over 3%, RGTI and Intel climbing nearly 3%, QBTS gaining more than 2%, and QUBT rising close to 2%.
$Cryptocurrency-related stocks (LIST20010.US)$Most stocks advanced in pre-market trading, with HUT surging over 16%, IREN up more than 9%, HOOD, BMNR, and FFAI gaining over 2%, and COIN and CRCL rising more than 1%.
Individual Stock News
Anthropic reportedly testing AMD GPUs; AMD’s annual flagship AI conference approaches—UBS Group highlights CPU/GPU roadmap as the main focus.
Anthropic is integrating$Advanced Micro Devices (AMD.US)$into its computing infrastructure supplier ecosystem. According to chip industry research firm SemiAnalysis, a senior director of AMD’s AI business disclosed relevant information in publicly available GitHub code, indicating that Anthropic will become an AMD customer. This move signals that Anthropic is proactively diversifying its chip supply sources to reduce reliance on a single vendor.
Additionally,$Advanced Micro Devices (AMD.US)$AMD’s annual flagship AI conference, 'Advancing AI 2026,' will be held in San Francisco, U.S., from July 22 to 23 local time.
In a forward-looking report, UBS Group stated that the event is likely to emphasize technology demonstrations rather than announcements of new customers or financial details. AMD is expected to unveil the latest developments in its data center CPU roadmap (including Venice and Verano) and GPU roadmap (MI450x and MI500). Updates on embedded and gaming graphics businesses will also be provided. UBS maintains a 'Buy' rating on AMD and raised its price target from USD 670 to USD 700.
Tesla’s FSD now offers personalized adjustments; Musk says Tesla FSD will mimic driving styles.
Elon Musk has confirmed that$Tesla (TSLA.US)$the FSD (Full Self-Driving) software is evolving from a generic, one-size-fits-all driving system into a truly personalized driving assistant. Recently, a Tesla FSD user complained on X that the vehicle frequently exits high-occupancy vehicle lanes or fast lanes at inappropriate times—proactively leaving the leftmost efficient lane and merging into congested traffic, while vehicles in the far-left lane remain unimpeded—a situation the user found extremely frustrating.
In response, Musk stated, "Vehicles will begin to remember your specific manual interventions and adjust according to each individual’s personal preferences."
Goldman Sachs: Look beyond AI investment themes; focus on U.S. equity sectors such as experiential consumption stocks
Goldman Sachs noted that the high volatility of artificial intelligence (AI) stocks, the sharp decline in momentum factors, and the extremely low correlation among S&P 500 constituents provide compelling reasons for investors to refocus on investment themes beyond AI. Strategists including Ben Snider wrote that experiential consumption stocks, 'compound growth' stocks, and merger-and-acquisition (M&A) candidates represent three non-AI investment themes with very low correlation to AI-focused portfolios or momentum factors.
They stated that experiential consumption stocks enable investors to benefit from the robust growth trend in spending on experiences at relatively reasonable valuations. The report cited specific companies including Disney, Hilton, and Royal Caribbean.
Citi: Downgrades South Korean equities and upgrades Chinese equities, citing an expected broadening of emerging market gains
Citi downgraded South Korean equities and upgraded Chinese equities in its emerging market asset allocation, citing market turbulence in South Korea and the potential for China to benefit as this year’s rally—previously driven by a narrow group of AI winners—is expected to broaden across more sectors.
Citi strategists including David Groman wrote in a report, “If the macro environment remains supportive—including easing geopolitical risks—there is room for the rally to broaden.” Citi downgraded South Korean equities from “overweight” to “tactical neutral.” Meanwhile, it upgraded Chinese equities to “overweight” and raised Mexico’s rating to “neutral,” viewing it as a potential beneficiary of a broadening rally within emerging markets.
Domino’s Pizza rose nearly 7% in pre-market trading, reporting second-quarter revenue of $1.19 billion, up 4.3% year-over-year
Domino's Pizza (DPZ.US)Second-quarter revenue was $1.19 billion, up 4.3% year-over-year, versus an estimate of $1.18 billion. Second-quarter earnings per share were $4.07, compared to $3.81 in the same period last year and an estimate of $4.18.
IREN Ltd rose nearly 9% in pre-market trading after signing a new $2.8 billion contract with a leading AI company
$IREN Ltd(IREN.US)$Announced the signing of new multi-year cloud service contracts with several leading AI development companies, with a total contract value of USD 2.8 billion. Following the completion of these signings, approximately 85% of the company's full-year revenue target is now under contractual assurance. Additionally, the company has raised its year-end AI Cloud Annual Recurring Revenue (ARR) target from USD 3.7 billion to over USD 4 billion.
Hut 8 shares rose more than 15% in pre-market trading after the company announced the signing of its second 15-year computing power leasing agreement valued at USD 9.8 billion, achieving full commercial operation.
$Hut 8 (HUT.US)$Officially announced the commercial launch of Phase II of the 1GW Beacon Point AI data center campus in Nueces County, Texas, and signed a second 15-year computing power leasing agreement valued at USD 9.8 billion, covering 352 megawatts of IT computing capacity.
AMC Entertainment shares surged more than 16% in pre-market trading as second-quarter total revenue exceeded expectations.
$AMC Entertainment (AMC.US)$Reported second-quarter total revenue of USD 1.6 billion, an increase of 14.2% year-over-year, surpassing FactSet’s estimate of USD 1.5 billion. Adjusted EBITDA surged by 69.6% to USD 321.4 million, marking the first time AMC Entertainment has achieved quarterly adjusted EBITDA exceeding USD 300 million.
Novo-Nordisk A/S’s Wegovy® tablets (oral semaglutide) have received approval from the European Union.
$Novo-Nordisk A/S (NVO.US)$Recently announced that the European Commission (EC) has granted marketing authorization for Wegovy® tablets (once-daily oral semaglutide 25 mg) for use in adults with obesity (BMI ≥30 kg/m²) or overweight (BMI ≥27 kg/m²) with at least one weight-related comorbidity, as an adjunct to a reduced-calorie diet and increased physical activity.
This approval of Wegovy® tablets marks a significant milestone in obesity treatment in Europe, making it the first GLP-1 receptor agonist in tablet form approved for weight management across all EU member states. This regulatory approval also represents the fifth global market authorization for Wegovy® tablets, following approvals in the United States, the United Kingdom, the United Arab Emirates, and Bahrain.
Alibaba shares rose more than 3% in pre-market trading after Alibaba Cloud launched its lightweight application server 'Agent-Optimized Instance.'
Today, Alibaba Cloud launched the AI Agent-optimized instances of its lightweight application server, bundling vCPUs, memory, cloud disks, 200 Mbps peak bandwidth (with no data transfer fees), and large model tokens (ranging from 100 million to 3.2 billion) into prepaid packages to provide users with an all-in-one AI Agent runtime environment. The offering is now available in 12 regions including Beijing, Shanghai, and Guangzhou, with plans to expand to additional domestic and international regions in the future.
Ryanair shares fell nearly 3% in pre-market trading as several key Q1 metrics missed market expectations.
$Ryanair(RYAAY.US)$The company reported financial results for the first quarter of fiscal year 2027 (ended June 30), with multiple core metrics falling short of market expectations. Net profit declined sharply, with after-tax profit for Q1 amounting to €538 million, down 34% year-over-year (compared to €820 million in the same period last year). Analysts had previously expected €579 million. Ryanair’s outlook for the second quarter (July–September), traditionally a peak travel season, also appears pessimistic.
Elbit Systems shares rose more than 2% in pre-market trading following the announcement of contracts worth over $370 million.
$Elbit Systems (ESLT.US)$Bezhalel Machlis, President and CEO of the company, stated that its U.S. subsidiary has secured multiple contracts from U.S. Customs and Border Protection (CBP) with a total value exceeding $370 million. These new contracts underscore the ongoing contribution of its U.S. subsidiary to American security and defense capabilities, leveraging advanced technologies designed to deliver reliable, real-time situational awareness to help customers address complex operational challenges.
Baidu shares rose more than 3% in pre-market trading as Kunlun Tech unveiled its fourth-generation AI chip, the M100, at WAIC.
BaiduKunlun Tech’s fourth-generation AI chip, the M100, made its public debut at the 2026 World Artificial Intelligence Conference (WAIC 2026). According to the company, the M100 is built on a fully domestic supply chain and features the company’s proprietary XPU architecture, specially optimized for the computational demands of large model inference. It balances versatility, computational efficiency, and deployment cost, offering a domestically developed alternative for AI computing infrastructure.
Trip.com shares rose nearly 5% in pre-market trading as the company intensifies its focus on the 'multi-child family' travel segment.
Demand for summer family travel continues to rise, with multi-child households increasingly driving outbound travel needs. Addressing pain points such as 'insufficient accommodation capacity, booking difficulties, and limited discounts,'$Trip.com (TCOM.US)$a 'Multi-Child Hospitality' public welfare initiative was recently launched, covering three categories: hotels, tourist attractions, and air tickets. As travel by families with multiple children becomes a market necessity, this segment is also generating significant new business opportunities.
Boeing forecasts a need for more than 40,000 new aircraft over the next 20 years.
On the eve of the Farnborough Airshow,$Boeing (BA.US)$Boeing released its 2026 Commercial Market Outlook, predicting that global airlines will require nearly 44,000 new aircraft over the next two decades. Transforming and emerging markets—including China, the Middle East, Latin America, South Asia, Southeast Asia, and Africa—are expected to account for approximately 55% of new aircraft deliveries. The fleet size of low-cost carriers is projected to grow at an annual rate of nearly 4%, while network carriers are expected to grow at close to 3% annually.
In cargo operations, international freighter capacity increased by 5% in 2026, and air cargo volume is projected to grow at an average annual rate of approximately 3.7% through 2045—outpacing growth in trade and economic activity. Demand for air cargo is being supported by high-value, perishable, and time-sensitive goods, along with supply chain reliability and cross-border e-commerce.
Global Macro
Iranian Ministry of Foreign Affairs: Proposal from U.S.-Iran mediation parties received; Iran has proposed a 10-day suspension of strikes.
According to Xinhua News Agency, Iranian Foreign Ministry spokesperson Baghaei stated at a press conference on the 20th that Iran has received proposals from the mediation parties involved in U.S.-Iran negotiations, though specific details could not yet be disclosed. He also noted that Iran’s Interior Minister would visit Pakistan the same day to hold consultations on bilateral matters.
Reuters, citing a senior Iranian source, reported that mediators have proposed a 10-day pause in attacks to explore avenues for reviving the interim agreement between Iran and the United States.
The Houthis announced a maritime blockade against Saudi Arabia.
On July 20 local time, Yemen's Houthi forces issued an official statement announcing a maritime navigation ban against Saudi Arabia in response to what they described as Saudi Arabia’s “unjust and brutal blockade and aggression.” The statement, released by the Yemeni Armed Forces, took effect immediately upon issuance. Citing religious texts, the statement detailed Saudi Arabia’s comprehensive blockade over the past twelve years on Yemeni ports, airports, and land border crossings, asserting that such actions were carried out “without any legal or humanitarian justification” and have inflicted “unbearable suffering” on the Yemeni people. The statement also accused Saudi Arabia of recently attacking Sana’a International Airport, labeling it an “outright act of treacherous aggression.”
Ministry of Foreign Affairs: China and the United States have maintained communication regarding arrangements for interactions between their heads of state within the year.
Foreign Ministry spokesperson Lin Jian held a regular press briefing. In response to a journalist’s question regarding U.S. Secretary of State Rubio’s statement that President ****’s planned visit to the United States in September remains on schedule, Lin Jian said that head-of-state diplomacy plays an irreplaceable strategic guiding role in China-U.S. relations, and the two sides have maintained communication regarding arrangements for leaders’ interactions within the year.
Bank of America: Funds significantly reduced semiconductor holdings, shifting investments into energy
Bank of America issued a report stating that as the semiconductor sector has staged a significant rebound this year, funds are rebalancing their portfolios through profit-taking, leading to substantial outflows from the semiconductor and software sectors. Meanwhile, to reduce overexposure to artificial intelligence (AI)-related themes, capital is rotating into traditional cyclical sectors such as energy and materials.
Global actively managed funds have significantly reduced holdings in the semiconductor and software sectors: since the beginning of the year, global actively managed long-only funds have sold $77.4 billion worth of semiconductor stocks to rebalance positions following the sector's sharp rally. Additionally, due to weakening earnings momentum, they have also sold $58.1 billion worth of software stocks.
Capital is flowing into the energy and materials sectors to diversify AI-theme risk: as a hedge against excessive concentration in AI-related themes, funds have purchased $36.8 billion of energy stocks and $25.8 billion of materials stocks this year. In June alone, global funds recorded net purchases of $13.2 billion in energy and $4.1 billion in materials, while selling $11.9 billion in technology hardware and $8.1 billion in diversified financials.
The King of the United Kingdom has appointed Burnham as the new Prime Minister.
On July 20 local time, Andy Burnham, the newly elected leader of the UK’s ruling Labour Party, met with King Charles III at Buckingham Palace, where he was formally appointed as the new Prime Minister and tasked with forming a new cabinet. Burnham will subsequently deliver his first address as Prime Minister from 10 Downing Street.
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